What a great start to 2020! Everyone seems to be firing on all cylinders and both the purchase applications (highest number in 10 years) refinances (up 100% over last year and 60% of loan volume) have made this an exceptional beginning!
With loan rates just below 1% lower than this time last year, the opportunity for buyers to buy that home or make the cost of where they live more affordable is very real! The strategies for FHA and Jumbo loan conversions to conforming loans are really seeing favor with customers. Accountants and financial planners are also jumping into the mix to help their clients benefit from this market!
Another piece of information that came out was some data from Wakefield Research that showed that 60% of consumers felt their real estate agent went “above and beyond” the scope of their duties during their transaction; it also showed that 34% of people would not rehire that same agent!
This is disturbing to me because in the past few years, NAR has published that 78% of people would be happy to refer the agent they used to someone else. Now for those who want to split hairs, there is a difference in a real estate agent and a “Realtor®”. Not all real estate agents are Realtors®, I get it, but the numbers are at least important enough to take a good look at. It would be important to know and share this, at least from a conversational point of view.
With all the online competition for lenders, listings, and buyers, we need to be aware of how much quality of the experience matters in our world!
Questions or comments: Mike@IMTcoaching.com